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January 12, 2012

Business stockpiles rose 0.3 percent in November

Filed under: Mortgage, Uncategorized — Tags: , , , — DoctorBusiness @ 11:04 am

Businesses increased their stockpiles in November to meet rising consumer demand, a gain that likely boosted economic growth in the final months of last year.

Inventories rose 0.3 percent in November, the Commerce Department said Thursday. That followed October’s 0.8 percent gain. Sales increased 0.3 percent after a 0.6 percent October increase.

Companies are building up their stockpiles again after cutting them over the summer amid fears of another recession. The increase is a positive sign for growth because it means many businesses are filling their shelves in anticipating of higher consumer spending.

Inventories rose in November to a seasonally adjusted $1.55 trillion. That was 17.7 percent above the low hit in the recession year of 2009.

This week, the Federal Reserve issued a report saying the final six weeks of 2011 were among the economy’s best last year. The report pointed to higher holiday and auto sales, along with increased travel.

The job market has brightened, too. Employers added 200,000 jobs in December. And the unemployment rate fell to 8 bad credit personal loan lenders.5 percent, the lowest in nearly three years.

Many analysts predict that economic growth rose to an annual rate of roughly 3 percent in the final three months of 2011. That would be an improvement from the summer, when the annual rate was just 1.8 percent. And it’s much better than the 0.9 percent growth rate in the first six months of 2011.

Many businesses reduced their inventory restocking in the summer after consumer spending slowed last spring in the face of higher food and gas prices. The slowdown, along with supply disruptions caused by March’s earthquake in Japan, weakened U.S. manufacturing and contributed to worries of another recession.

Stockpiles at the wholesale level account for about 27 percent of total business inventories. Stockpiles held by retailers make up about one-third of the total and manufacturing inventories represent about 41 percent of the total.

Source

January 5, 2012

Lambert officials predict April reopening for tornado-damaged concourse

Filed under: Homes, Mortgage — Tags: , , , — DoctorBusiness @ 2:16 am

Lambert-St. Louis International Airport officials confirmed Wednesday that they are targeting an April reopening of the tornado-damaged C Concourse.

Airport Director Rhonda Hamm-Niebruegge told airport commissioners that restrooms in the concourse have been renovated and storm-damaged windows have been replaced.

Storm repairs are being made in concert with planned terminal renovations, which include new ceilings and lighting.

“We would like to do a behind-the-scenes public event before it opens,” Hamm-Niebruegge said. “We kind of wanted to do a big splash for the business community.”

The event would likely occur a couple of days before the renovations are complete.

An EF-4 tornado slammed into the airport on April 22, causing extensive damage to the C Concourse, which remains closed. Airlines that were housed in that part of Terminal 1 were temporarily moved to other gates not in use at the time guaranteed pay day loans.

The tornado also broke numerous windows on the main terminal building, which remained boarded up for months. The tornado also damaged cars that were parked on the top level of the Terminal 1 hourly parking garage.

The extensive damage caused the first prolonged closure at Lambert since the Sept. 11, 2001, terrorist attacks grounded air travel across the United States.

After emergency repairs and cleanup, the airport reopened to limited commercial air traffic within 24 hours.

Source

December 12, 2011

Home sales figures from 2007-10 to be lowered

Filed under: Mortgage, technology — Tags: , , , — DoctorBusiness @ 2:48 pm

National home sales figures will be lowered dating back to 2007 after the private trade group that collects them said the numbers were too high.

The National Association of Realtors said Monday it will release the downward revisions for previously occupied homes on Dec. 21.

Among the reasons for the inflated figures, the Realtors group says: changes in the way the Census Bureau collects data, population shifts and some sales being counted twice. Last year’s total sales figure of 4.91 million was the worst in 13 years.

The Realtors consulted with several government and private housing market experts, including the Federal Reserve, the Department of Housing and Urban Development, the Mortgage Bankers Association, the National Association of Home Builders, mortgage giants Fannie Mae and Freddie Mac and CoreLogic, the California-based data firm that first raised doubts about the annual numbers earlier this year.

CoreLogic estimated that the Realtors group overstated sales in 2010 by at least 15 percent.

The changing numbers could impact how economists view data from the trade group. It could also affect companies who use the figures for hiring and expansion plans.

Source

December 9, 2011

New eurozone treaty agreed to without the U.K.

Filed under: Mortgage, technology — Tags: , , , — DoctorBusiness @ 10:16 am

BRUSSELS

December 6, 2011

Cuts to first-class mail to slow delivery in 2012

Filed under: Mortgage, management — Tags: , , , — DoctorBusiness @ 2:24 am

The cash-strapped U.S. Postal Service said Monday it is seeking to move quickly to close 252 mail processing centers and slow first-class delivery next spring, citing steadily declining mail volume.

The cuts are part of $3 billion in reductions aimed at helping the agency avert bankruptcy next year. It would virtually eliminate the chance for stamped letters to arrive the next day, a change in first-class delivery standards that have been in place since 1971.

The plant closures are expected to result in the elimination of roughly 28,000 jobs nationwide.

At a news briefing, postal vice president David Williams stressed the move was necessary to cut costs as more people turn to the Internet for email communications and bill payment. After reaching a peak of 98 million in 2006, first-class mail volume is now at 78 million. It is projected to drop by roughly half by 2020.

“Are we writing off first class mail? No,” Williams said. “Customers are making their choices, and what we are doing is responding to the current market conditions and placing the postal service on a path to allow us to respond to future changes.”

The cuts, now being finalized, would close 252 out of 461 mail processing centers across the country starting next April. Because the consolidations typically would lengthen the distance mail travels from post office to processing center, the agency also would lower delivery standards.

Currently, first-class mail is supposed to be delivered to homes and businesses within the continental U.S. in one day to three days. That will lengthen to two days to three days, meaning mailers no longer could expect next-day delivery in surrounding communities. Periodicals could take between two days and nine days.

Williams said in certain narrow situations first-class mail might be delivered the next day _ if, for example, newspapers, magazines or other bulk mailers are able to meet new tighter deadlines and drop off shipments directly at the processing centers that remain open.

But in the vast majority of cases, everyday users of first-class mail will see delays of one or two days, including those who pay bills by check, send birthday cards, write letters, or receive prescription drugs or Netflix DVDs by mail no faxing 1 hour payday loans.

After five years in the red, the post office faces imminent default this month on a $5.5 billion annual payment to the Treasury for retiree health benefits. It is projected to have a record loss of $14.1 billion next year. The Postal Service has said the agency must make cuts of $20 billion by 2015 to be profitable.

It already has announced a 1-cent increase in first-class mail to 45 cents beginning Jan. 22.

Separate bills that have passed House and Senate committees would give the Postal Service more authority and liquidity to stave off immediate bankruptcy. But prospects are somewhat dim for final congressional action on those bills anytime soon, especially if the measures are seen in an election year as promoting layoffs and cuts to neighborhood post offices.

On Monday, the Postal Service said it welcomed congressional changes that would give it more authority to reduce delivery to five days a week, raise stamp prices and reduce health care and other labor costs. But the Postal Service said it was opposed to provisions in both the House and Senate measures that would require additional layers of review before it could close post offices and processing centers.

“Speed is very important to the Postal Service in our ability to capture savings,” Williams said.

Maine Sen. Susan Collins, the top Republican on the Senate committee that oversees the post office, believes the agency is taking the wrong approach. She says service cuts will only push more consumers to online bill payment or private carriers such as UPS or FedEx, leading to lower revenue in the future.

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Online: List of facilities to be closed: http://about.usps.com/news/electronic-press-kits/our-future-network/study-list-110915.pdf

Source

November 11, 2011

Merck: Promising drugs in late-stage testing

Filed under: Mortgage, Uncategorized — Tags: , , , — DoctorBusiness @ 6:24 pm

Merck & Co. said Thursday it has revamped its research operations to make them more productive, has started a new four-pronged business strategy to increase revenue and profit and has some exciting drugs on the horizon.

The drugmaker also boosted its quarterly dividend by 4 cents to 42 cents per share this quarter _ the first increase since 2004. That was just before Merck pulled painkiller Vioxx from the market because it increased heart attack and stroke risk. Merck’s shares rose sharply.

Merck’s pipeline of experimental drugs includes what could be several important new medicines for patients and shareholders, company executives told analysts during a daylong business briefing at Merck headquarters in Whitehouse Station, N.J. And Merck, the world’s No. 3 drugmaker by revenue, has eight new products for which it will seek U.S. approval in 2012 or 2013.

That’s just in the nick of time. Merck already has been hurt by competition from generic versions of blockbuster osteoporosis, blood pressure and cholesterol drugs, like its rivals. Next August, its current top seller, $5 billion-a-year allergy and asthma drug Singulair, gets hit by U.S. generic competition.

CEO Kenneth Frazier said the company hopes to keep 2012 revenue about the same as this year’s. In this year’s first nine months, it has increased sales by 5 percent, or nearly $2 billion, to about $35.8 billion.

Merck has gotten five new drugs approved this year, including breakthrough hepatitis C drug Victrelis and the first combination pill for people with both diabetes and high cholesterol, Juvisync. It also has applied to regulators for five more approvals. Those include a long-acting diabetes pill and a combination cholesterol drug.

Merck plans in 2012 and 2013 to seek U.S. approval for eight more medicines, including drugs for chronic insomnia, hardening of the arteries, osteoporosis and reversal of anesthesia, plus two allergy medicines and an improved version of its blockbuster cervical cancer vaccine Gardasil. Altogether, it has 19 medicines in late-stage testing.

Many of those came from Merck’s November 2009 acquisition of Schering-Plough Corp no fax pay day loan. Frazier said the integration has enabled the combined company to reduce costs by $2.8 billion. Merck has done that partly by eliminating 16,000 jobs out of the combined 106,000 the two companies had right before the deal.

Frazier outlined the company’s new business strategy, which includes growing medicine sales in emerging and other key markets, expanding its consumer and animal health businesses, launching new drugs and boosting sales of existing ones, and managing spending tightly.

Merck also has trimmed the number of diseases for which it does research, developed computer models and other ways to decide much earlier whether to scrap or continue testing of experimental drugs, and made other changes to address one of the industry’s biggest challenges _ getting more bang for the billions companies pour into trying to create new drugs.

“The new research strategy and operating model that we’ve been implementing over the past few years is now in place,” research head Peter Kim told about 130 analysts. “These changes position us for long-term growth with a sustainable return on investment.”

He said Merck has two experimental drugs that could transform patient care. One, called anacetrapib, is in final-stage testing for hardening of the arteries.

The other, known only as MK-8931, is in early testing for Alzheimer’s disease. Kim told reporters that while it’s still just a hypothesis that it will work, if it pans out “it’s going to have a dramatic impact on medicine.”

Merck also is developing more combination diabetes drugs, just five years after launching its first, Januvia, now the best-selling pill for Type 2 diabetes.

Merck shares rose $1.18, or 3.5 percent, to close at $34.97, outpacing the 1 percent gain in the Dow Jones industrial average.

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November 10, 2011

Armies’ pickups get military muscle in Thailand

Filed under: Loans, Mortgage — Tags: , , , — DoctorBusiness @ 5:24 am

The humble pickup truck has plowed through the desert sands of Libya in pursuit of Moammar Gadhafi’s forces and patrols the high passes of Afghanistan. Tough, multitasking and relatively cheap, it’s the choice of Latin American armies, al-Qaida terrorists, Somali warlords and even U.S. Special Forces trying to blend in with the locals.

Of course, most don’t just pick one off the lot and drive to the battlefield. They modify them in back-alley workshops to become lethal and more durable. Or they come here, to a busy, sprawling plant that turns out military-style modifications by the thousands.

Pairing sophisticated computer modeling with skilled workers, many from poor families in the surrounding countryside, the RMA Group has supplied 35,000 such road warriors, mostly Ford Rangers, to the Afghanistan police and army under a U.S. military contract, with more on their way.

Other apparently satisfied customers of the Thailand-based American company range from U.N. peacekeepers to private individuals seeking bullet-free rides. Singapore’s military recently bought 1,000 converted SUVs.

“We take a commercial vehicle off the shelf, the price of which is generally low, and then adapt that to exactly what the customer wants and needs. We focus on rough-tough, conflict and post-conflict markets,” says Ron Tyack, a group vice president. He recently took reporters through the factory, 150 kilometers (93 miles) southeast of the Thai capital Bangkok.

At one station stood a tested Ford Everest, seven of its windows shattered but not penetrated by 27 AK-47 bullets.

“There is no second chance to ‘get it right’ when it comes to shielding your vehicle from hostile fire,” notes an RMA brochure. Muscled up with steel, composite materials and ballistic glass, such pickups are meant to stop fire from handguns, rifles like the AK-47 and grenade shrapnel.

The converted Rangers for Afghan forces average $25,000 apiece compared to some $100,000 for a Humvee, the equivalent U.S. military workhorse, says Tyack, an Australian with more than 40 years of automotive experience. Spare parts for pickups generally are also cheaper and easier to obtain _ all reasons for their popularity among guerrillas, rebels and armies on a shoestring budget.

“The ANP (Afghan National Police) has conducted a lot of successful operations using Ford Ranger pickups in remote cities and districts. (They’re) strong, work very well in difficult terrain and on dirt roads,” says Mohammad Najib Nikzad, an Afghanistan government spokesman. But he said Toyota pickups were cheaper and their higher speed made it easier to pursue suspects in cities.

In Afghanistan and Iraq, U.S. Special Forces teams sometimes board unmarked pickups to avoid detection. U.N. peacekeepers in Kosovo, Haiti and elsewhere ride in pickups emblazoned with U.N. markings. RMA has a five-year contract with the world body to provide the vehicles.

On Libya’s front lines recently, field commander Abdel-Razak Najim told The Associated Press his revolutionary fighters preferred Toyota but added that the more robust Ford was “a big car and has good balance so we attach rocket launchers on them because they can handle the force.” Virtually all the battlefield pickups in Libya are locally modified.

The Toyota Hilux, designed for backwoods recreation and hauling goods to market, has been a special favorite of irregular forces since its introduction in the late 1960s. The defeat in 1987 of Gadhafi’s forces by the highly mobile troops of Chad was dubbed the “Toyota War.”

The RMA Group, which started modestly in 1985 and expects $770 million in revenue this year, also works on models from Toyota for the mining industry as well as Land Rover but has its strongest links with the Ford Mazda Motor Company, a joint venture of the two automakers that produces the Rangers just 30 kilometers (18 miles) away. Thailand has become a major Asian hub for foreign car manufacturing and export, turning out about 1.8 million a year. It’s also the world’s second-largest market for pickups, after the United States.

When the U.S. military sought bids for light tactical vehicles, Ford didn’t have a ready product that met the specifications and didn’t want to get into the modification business. RMA got a major boost when it stepped in, delivering the first one to Afghanistan in 2005.

Tyack says that detailed groundwork is done on customer requirements and the invariably punishing environments in which the vehicles will operate.

For Afghanistan, the dark green Rangers need heater blocks to withstand temperatures that can plunge to minus 30 degrees Centigrade (minus 22 degrees Fahrenheit), higher ground clearance given the rock-strewn roads and better suspension to take heavy loads (Tyack recalls seeing one carry a baby camel). Better filters are needed since fuel in Afghanistan is usually high in sulfur content. Standard tires are replaced by virtually puncture-proof, non-radial ones.

“You don’t want to be on patrol and suddenly find you have a flat tire,” he says. You also don’t want to be hit with a roadside bomb because most of the Rangers are not armored, given the high cost of such conversions.

The plant also can come up with more than 100 adaptations beside the battlefield versions.

A Land Rover Defender at the plant had been turned into a field ambulance. In 2008, on urgent request from the Vietnamese government, the plant configured vehicles for workers investigating the possible outbreak of Asian bird flu, providing separate driver and health worker compartments and isolated storage for hazardous specimens.

Elsewhere at the factory, pickups geared for working in mines, sometimes underground, were readied for shipment after being beefed up with extra protection against falling rocks and rollovers. Customers include gold mines in South Africa and the Freeport mine, one of the world’s largest, in Indonesia’s Papua province. With an ongoing separatist insurgency in the latter nation, some of the pickups destined for Freeport are armored.

Quality control testing is done on factory grounds, with the vehicles driven through a ford, under a shower, around a steeply sloped curve, over a patch of rock-strewn road and into a deep freezer.

One piece of equipment _ a machine gun _ doesn’t get bolted on until the truck reaches Afghanistan. The company is not in the weapons business.

Tyack says RMA, with 1,600 of its 4,000 employees in Afghanistan, sees itself as part of the transition from U.S. to Afghan security control, providing not only the hardware but servicing and training. Since up to 5,000 of its road warriors will need to be replaced every year, it may well be around after the last American troops have gone home.

Source

October 29, 2011

Bangkok flood defenses set for their biggest test

Filed under: Mortgage, term — Tags: , , , — DoctorBusiness @ 4:04 pm

The complex network of flood defenses erected to shield Thailand’s capital from the country’s worst floods in nearly 60 years was set for one of its biggest tests yet Saturday as coastal high tides approached their peak.

High tides expected to crest Saturday morning were pushing the city’s main waterway, the Chao Phraya river, to its brink. Overflows so far have lightly inundated riverside streets from Chinatown to the white-walled royal Grand Palace and the neighboring Temple of the Emerald Buddha.

Amid heightened fears that floodwaters could swamp Bangkok, saffron-robed monks and soldiers piled sandbags outside the city’s most treasured temples and palaces Friday as the Chao Phraya swelled precariously beyond its banks, spilling ankle-high water briefly into some of the main tourist districts.

Most of the water has receded at low tide. Still, some worried Bangkokians are buying up bright orange lifejackets and inflatable boats, fearing the worst is yet to come.

“You have to prepare,” said Fon Kanokporn, a banker who bought a rubber boat from a store that had several hanging as advertisements from trees out front.

Employees at the shop said they had sold well over 3,000 boats in the last week. The brisk business is a measure of the fear gripping Bangkok and a reflection of the tragedy of neighboring provinces that have been submerged for weeks. Several buyers said they needed boats because their submerged homes outside the capital were no longer accessible by road.

Three months of relentless monsoon rains have caused the worst flooding in Thailand in more than half a century, triggering a national crisis that has overwhelmed Prime Minister Yingluck Shinawatra’s government.

The water has crept from the central plains south toward the Gulf of Thailand for weeks, engulfing a third of the country and killing nearly 400 people and displacing 110,000 more. Now, Bangkok is in the way _ surrounded by behemoth pools of water flowing around and through the city via a complex network of canals and rivers.

The government is worried that major barriers and dikes could break because they were not designed to hold back so much water for so long. And this weekend, higher than normal tides are obstructing the critical flow of runoff from the north, fueling fears that parts of downtown Bangkok could be swamped.

On Friday, army trucks dumped thousands of sandbags outside the riverside Siriraj Hospital, where Thailand’s ailing and revered King Bhumibol Adulyadej has stayed since 2009.

Elsewhere along the Chao Phraya, dozens of monks at the 200-year-old Temple of the Dawn stacked hundreds more along a secondary barrier to protect against river overflows.

“It’s likely going to get higher, but I don’t think its going to get high enough to cause chaos,” said Phramaha Abhin, a 42-year-old monk business cards. Still, he said, “we cannot neglect the risk to this temple. It’s one of the country’s landmarks, one of the things Thailand is known for. We have to protect it.”

So far, most of the capital has remained untouched, and tourists are still snapping pictures in riverside districts as always.

But little by little, the city is slowing down.

This week, floodwaters pushed into Don Muang airport, used mostly for domestic flights, shutting it down. And on Friday, the State Railway of Thailand said all train services from Bangkok to southern Thailand were suspended after the tracks in Bangkok’s suburbs were submerged by floodwaters.

Thais and expatriates alike continued to leave Bangkok as foreign governments urged their citizens to avoid the threatened city, citing transportation difficulties and shortages of certain food items.

Seven of Bangkok’s 50 districts _ all in the northern outskirts _ are heavily flooded, and residents have fled aboard bamboo rafts and army trucks and by wading through waist-deep water. Eight other districts have seen less serious flooding.

New flooding was reported Friday in the city’s southeast when a canal overflowed in a neighborhood on the outer parts of Sukhumvit Road. And high tides briefly touched riverside areas closer to the city’s central business districts of Silom and Sathorn.

But the day passed without major incident.

“It is clear that although the high tides haven’t reached 2.5 meters (8.2 feet), it was high enough to prolong the suffering of those living outside of the flood walls and to threaten those living behind deteriorating walls,” Bangkok Gov. Sukhumbhand Paribatra said.

The flood walls protecting much of the inner city are 8.2 feet high, and Saturday’s high tide is expected to reach 8.5 feet (2.6 meters).

International charity Save the Children said it was concerned that crocodiles and snakes were lurking in stagnant floodwaters it said are growing filthier by the day.

“Every day we see children playing in the water, bathing or wading through it trying to make their way to dry ground,” said Annie Bodmer-Roy, the group’s spokeswoman in Thailand.

The aid group said many families have been left without access to running water or clean toilets.

“There is a very real risk of waterborne or communicable diseases such as diarrhea and skin infections taking hold if families can’t maintain basic standards of hygiene,” Bodmer-Roy said. “It is essential that the risks facing children in this crisis are understood and steps taken to keep them safe.”

Source

October 21, 2011

Yellen predicts stronger second half growth

Filed under: Loans, Mortgage — Tags: , , , — DoctorBusiness @ 6:08 pm

The No. 2 official on the Federal Reserve says economic growth will end “noticeably stronger” in the second half of this year, but she says the central bank still needs to keep its policy options open to provide more support to the economy if necessary.

Federal Reserve Vice Chairman Janet Yellen said in a speech in Denver on Friday that oil and other commodity prices are falling and supply disruptions caused by Japan’s natural disasters are easing. But she said the economy is still facing numerous problems.

Yellen said the central bank may need to consider more bond purchases to lower interest rates, but she said such an effort should be considered only if the economy required “significantly greater” help than the Fed is now providing.

Source

September 4, 2011

J.C. Penny outlet at Jamestown Mall may get second lease on life

Filed under: Mortgage, news — Tags: , , , — DoctorBusiness @ 9:24 am

It looks like the J.C. Penney catalog outlet store at Jamestown Mall may not be doomed after all, though everyone is being very hush-hush about it for now.

Sales associates said they have been told that plans are in the works for the store to be bought by another company, which would run the store by a similar name

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